Tsipras ready to accept most bailout terms

Greek Prime Minister Alexis Tsipras is ready to accept almost all the conditions proposed by the country’s international creditors at the weekend, marking the latest attempt to keep Greece in the eurozone.

The prime minister said
he would accept all of the terms proposed with just minor
exceptions. He agreed to the changes in the country’s value added
tax system but asked to keep a special 30 percent discount for
the Greek islands untouched.

Tsipras requested the move to change the retirement age to 67 in
2022 start in October, while the creditors want it implemented
immediately. He also asked for the phasing out of the special
‘solidarity grant’ for poor pensioners to be done by 2019, more
slowly than creditors have requested, the Financial Times
said.

The news comes ahead of a teleconference of EU ministers
scheduled for 15:30 GMT Wednesday.

European stock markets rallied on Wednesday after the reports the
Greek Prime Minister Alexis Tsipras is ready to accept the
creditors’ bailout terms. The Stoxx 50 index of leading European
shares was up 2.48 percent by 10:20 GMT, while Germany's DAX
jumped 2.10 percent. The euro rose to $1.1122 from an intraday
low of $1.1095.

On June 30 Greece failed to repay its €1.6 billion June debt to
the IMF, becoming the first developed country to default on its
international obligations.

Hours before the deadline expired on June 30 the Greek government
asked for a new bailout program from the European Stability
Mechanism (ESM); enough to cover the country’s financial needs
for the next two years. The Eurogroup, however, has so far
refused to provide a new lifeline for Athens.